How Much do Solar Panels Cost in New Jersey?<\/h2>\n\n\n\n

Solar panels in New Jersey cost somewhere between $2.68 and $2.88 per watt. Most solar panels are 250 watts, meaning an average solar panel will cost between $670 and $720. If a home is to be self-sufficient (meaning they draw no power from the \u201cgrid\u201d and rely solely on solar panels), it will need something between 20 and 30 solar panels, putting your total cost of solar panels between $13,400 and $21,600. And yes, that\u2019s a lot of money, but before you write off solar panels as being too expensive, lets take a look at some of the rebates, incentives and writeoffs that are available that can take literally thousands and thousands of dollars off your upfront cost, and that\u2019s before your panels begin saving you hundreds every month on electric bills. <\/p>\n\n\n\n

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What are the benefits of going solar? <\/h2>\n\n\n\n

The state of New Jersey wants you to go solar and they prove it by putting their money where their mouth is. There are LOTS of perks related to solar panel installation in the Garden State, so lets take a look at a few.<\/p>\n\n\n\n

• New Jersey Renewable Portfolio Standards- New Jerseys\u2019s RPS require all utilities to produce more renewable energy by a specified date or face having to pay fees. Instead of having to pay a fee, most utilities in NJ would rather offer incentives to customers who choose to add solar panels. The state has set a goal of 22.5% of its electric power coming from green energy, so every utility will be looking to add more renewable energy sources soon. The solar energy \u201ccarve out\u201d (the percentage of that energy that is supposed to come from solar power systems) is 4.1%, which once again emphasizes the importance of local utilities to encourage customers to add solar panels. <\/li><\/ul>\n\n\n\n
  • New Jersey Net Metering- Net metering is the process by which your solar energy system\u2019s output is measured, as well as how much energy is fed back into the \u201cgrid\u201d. New Jersey has very strong net metering laws, which is great because that usually means your measurements will be more accurate and you will get more \u201cvalue\u201d out of your system. <\/li><\/ul>\n\n\n\n
    • TRECS (Transition Renewable Energy Certificates)- TRECs are what come out of the good net metering conditions in New Jersey. With every megawatt-hour of solar power generated from your system, you get one TREC. Your TRECs can then be sold to New Jersey utilities to help them get to their renewable portfolio standards. That means that New Jersey is one of the few states where you can actually get paid in cash for the energy that your system produces- potentially hundreds or even thousands of dollars a year. <\/li><\/ul>\n\n\n\n
      • New Jersey Interconnection Standards- NJ has statewide interconnection standards, which usually leads to easier installation of solar power systems, means less hassle for you and the installer, and probably a cheaper and quicker installation. <\/li><\/ul>\n\n\n\n
        • New Jersey Performance Based Incentives (PBIs)- The state of New Jersey has encouraged its people to go for solar and other renewable energy sources by offering SRECs, which correspond to the number of kilowatt hours (KwH) your system produces. <\/li><\/ul>\n\n\n\n
          • New Jersey Sales Tax Exemption- State sales tax in New Jersey is 7% and you are completely exempt from it when buying and installing solar equipment and power systems in the state of New Jersey. 7% may sound insignificant, but when you\u2019re dealing with prices that go into the tens of thousands, you are looking at savings of over $1,000. <\/li><\/ul>\n\n\n\n
            • New Jersey Property Tax Exemption- In the state of New Jersey it is illegal to reassess the value of property based on the installation of solar panels. This means that your property taxes won\u2019t increase but the value of your property will. Hard to argue with that.  <\/li><\/ul>\n\n\n\n
              • Federal Solar Tax Credit- Any American homeowner who installs any solar power system in their home is eligible for a 26% federal tax credit. Naturally, this can save you thousands of dollars  when dealing with such a big amount of money. <\/li><\/ul>\n\n\n\n

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                How much will the addition of solar panels increase my home\u2019s value?<\/em><\/strong><\/h2>\n\n\n\n

                Short answer: Only as much as a potential buyer is willing to believe they do.<\/p>\n\n\n\n

                Longer answer: Solar panels tend to increase the value of a home anywhere from 3-4% to a solid $20,000, depending on the area, size of the home and eagerness of buyers to own a home with solar panels. Studies have shown that homes with solar panels do tend to sell faster than homes without, but that could also stem from the fact that homes with solar panels tend to be better kept than other, since the owners obviously put some money into maintenance and upkeep. Either way, solar panels definitely *do* increase the value of your home, but just how much is somewhat difficult to quantify. Nevertheless, an increase in value of $10,000 is more than reasonable. <\/p>\n\n\n\n

                What are the Effects of Net Metering on a Solar System?<\/em><\/strong><\/h2>\n\n\n\n

                Net metering is the process of measuring the output of your solar power system. With accurate net metering, your system can feed power back into the grid, allowing you to receive \u2018credits\u2019 from your utility company for power you supplied to them, or in some rare cases, actual money. Obviously net metering is a big deal for solar panel owners because ultimately you want your panels to pay for themselves by feeding unused electricity back into the grid. New Jersey has strong net metering laws, so your panels will, in time, do just that. <\/p>\n\n\n\n

                How much solar power do I need to power my home?<\/em><\/strong><\/h2>\n\n\n\n

                Every home is different, but a general estimate is between 6 and 8 kilowatts of solar panels to be completely self-sufficient. This is a rough estimate of course, and your solar company should be able to look at your electric bills and give you a better idea of how much you\u2019re going to need. This amount varies based on a lot of factors, such as the size of your home, number of people living there, etc. <\/p>\n\n\n\n

                What is the \u201cPayback\u201d period for Solar Panels in New Jersey?<\/em><\/strong><\/h2>\n\n\n\n

                Solar panels in New Jersey will pay for themselves shockingly <\/em>fast, in only about 6-7 years, thanks to the numerous credits, incentives, etc offered by the state and federal government. This is in some cases twice as fast as in other states, which is another great reason to go solar in New Jersey. Once your panels have paid for themselves, you\u2019re essentially getting free electricity (and in some cases, even getting a paycheck) for the rest of your panels\u2019 lives. Given that most panels are warrantied for 20-25 years and most solar companies offer warranties for similar lengths of time, that\u2019s a long, long time you\u2019ll be making money off your initial investment. <\/p>\n\n\n\n

                Grants & Loans<\/em><\/strong><\/h2>\n\n\n\n

                There are even a few loans and grants specifically for New Jersey residents interested in installed solar panels. Here\u2019s links to a few:<\/p>\n\n\n\n

                Edison Innovation Clean Energy Manufacturing Fund- http:\/\/www.energy-grants.net\/new-jersey-energy-grants-rebates-loans-incentives\/<\/p>\n\n\n\n

                Utility Solar Financing Programs-<\/p>\n\n\n\n

                NJ – Utility Solar Financing Programs (ACE, JCP&L, RECO)<\/a><\/blockquote>